Jardine Cycle & Carriage is selling its Malaysian, Singaporean business to Indonesia's Chandra Asri

Jardine Cycle & Carriage Ltd (JC&C) has agreed to sell its automotive businesses in Malaysia and Singapore to Indonesia's Chandra Asri Group for approximately US$207 million. The transaction aims to enhance shareholder returns through strategic portfolio management and capital allocation. The sale encompasses the distribution and retail of new and used vehicles, as well as aftersales, financing, and insurance services.

With this move, JC&C intends to concentrate on its core markets of Indonesia and Vietnam, delivering value to shareholders and positioning Cycle & Carriage for continued success under new ownership. Chandra Asri Group, an energy, chemicals, and infrastructure solutions provider, will benefit from the assets' synergies and collaboration opportunities, bolstering its competitiveness and future growth.

The assets' book value and net tangible asset value amount to about US$292 million as of June 30, 2026, contributing roughly US$16 million in net profit during the first half of 2026. The deal is anticipated to be finalized by February 28, 2027, contingent upon fulfillment or waiver of agreement conditions. JC&C's Malaysian division, previously listed on Bursa Malaysia under Cycle & Carriage Bintang Bhd, was taken private by JC&C and delisted on September 19, 2022.

In 2018, Cycle & Carriage Bintang divested its 49% stake in Mercedes-Benz Malaysia to Daimler AG for RM66 million. Currently, JC&C operates 12 outlets across Peninsular Malaysia, serving as an authorized Mercedes-Benz dealer and service provider, along with Peugeot and Leapmotor dealers, and provides sales and after-sales services for Fuso trucks.